With historically low mortgage rates, and despite low inventory, home sales and prices continue to rise across Southern California. Per new numbers from DQNews, as reported by the L.A. Times, sales of new and previously owned houses, townhouses and condos rose 27.7% from June across the six counties of greater Los Angele and Orange Counties. Year over year, sales were up 2.9% from the pre-pandemic days of July 2019.
Despite continuing COVID concerns, the pandemic does not seem to be effecting the market as it was earlier this year, with many realtors reporting increased interest in home sales.
The L.A. Times reports that SoCal’s median sales price climbed by the most since 2018, rising 8.5% from a year earlier to a new record of $585,000.
- In Los Angeles County, sales rose 34.6% from June, but were down 2.3% from a year earlier. The median home price rose 5.5% from a year earlier to $670,000.
- In Orange County, sales rose 38.7% from June and 6.7% from a year earlier. The median home price rose 6.3% from a year earlier to $775,000.
- In Riverside County, sales rose 21.8% from June, but were down 0.4% from a year earlier. The median home price rose 9.1% from a year earlier to $430,000.
- In San Bernardino County, sales rose 22.3% from June and 8.1% from a year earlier. The median home price rose 9.8% from a year earlier to $375,000.
- In San Diego County, sales rose 19.6% from June and 6.6% from a year earlier. The median home price rose 9.3% from a year earlier to $634,000.
- In Ventura County, sales rose 27.5% from June and 2.6% from a year earlier. The median home price rose 6.7% from a year earlier to $635,000.